Ginnie Mae Extends Features of Digital Collateral Program to Paper Mortgages
Industry Update
November 15, 2021
Source: Ginnie Mae Press Release
Ginnie Mae announced today in All Participants Memorandum that it is expanding the use of certain features found in its digital collateral program to paper mortgages, a move expected to make it more efficient for Issuers to modify paper mortgages.
“Ginnie Mae is committed to providing Issuers with the tools they need to make it possible for qualified homeowners modifying their mortgages to do so with as few obstacles as possible,” said Acting Executive Vice President Michael Drayne. “Tens of thousands of homeowners coming out of the forbearance and other pandemic-related mortgage relief programs may utilize mortgage modifications to improve their financial situation, and we believe this policy change will help make the process proceed more smoothly for homeowners and servicers.”
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